The recent announcement of XFai’s $XFIT double IDO on Ignition Launchpad and Poolz has brought significant interest to XFai, with noticeable growth and engagement in the XFai community all across social media. Today, we are excited to share with our community the mechanism behind the LGE and the double IDO, and show how the double IDO is designed to supercharge the Liquidity Generation Event itself while allowing LGE participants to further boost their confidence in XFIT while reducing investment risks that the current DeFi ecosystem has gotten too used to.
Avoiding the Gas War
The XFai LGE is designed to circumvent the common gas war that many investors often witness during a traditional TGE (Token Generation Event). In a hypothetical scenario in which 10 people send in a transaction to buy on an automated market maker at a certain price, only 1 to 3 participants would receive a successful transaction message while 7 others would be left with a failed transaction on which they still paid a hefty gas fee and the opportunity cost of having missed a certain price. This competition results in a gas war. In the case of XFai LGE, since there is no race condition,the primary motivator for a gas war is removed! Additionally, transactions take place in a single transaction allowing fees to be massively reduced in a one-step approach. This way, participants in the XFai LGE can benefit from not only avoiding a gas war, but also reduced gas fee due to XFai’s revolutionary one-step method.
The XFai Liquidity Generation Event
On April 8, the XFai community will have the opportunity to participate in the Liquidity Generation Event. The LGE is a first of its kind in the entire industry, and the team at XFai along with their support, established funds and key blockchain evangelists all strongly believe that it will set the new industry standard.
Once the LGE has commenced, participants may navigate directly to XFai’s official website and follow the previously shared guide to participate in the LGE. The initial price per token during the LGE will be set at 0.10 USD per token.
Participating in the XFai LGE has a myriad of benefits for both the token ecosystem and the participating users. Some of these benefits are:
- Reduced gas fee
- One-step mechanism
- Ability to purchase the $XFIT token at an initial discounted price of 10 cents per token (roughly 17% discount from the IDO price of 12 cents)
- Over 500% in APY at launch
- Freedom to add more or harvest the yield at any time
- Participating in building the liquidity that will prevent $XFIT from slippage
- Benefiting from $XFIT’s “buy-and-make”, in which XFai directly purchases and farms the XFIT token, resulting in upward price pressure of the token, greatly reducing impermanent loss
- Priority for XFai double IDO whitelist
The XFai Double IDO on Ignition Launchpad and Poolz
On April 29, the XFai double IDO will take place on both Ignition Launchpad and Poolz. The IDO price is bound to be set at a fixed price of 12 cents per XFIT. In order to participate in the XFai double IDO, all interested participants must be whitelisted. To provide a fair chance for the XFai community to become whitelisted while rewarding those who have cast their vote of confidence on XFai, the whitelist process has been divided into 2 rounds of lottery.
The first whitelist lottery will be open to the public, with strict requirements on qualifying actions participants must complete in order to be considered valid for the lottery. The list of actions will be shared as a separate announcement.
The second whitelist lottery will be open to the public closer to the IDO date, however with an added bonus to those who participate in the XFai LGE. This means that the second whitelist is designed to provide an advantage to those who participate in the XFai LGE. The participants will be required to submit certain information that will be cross-checked with smart contract data in order to give priority to those who have participated in the LGE with more liquidity.
XFai IDO to Boost Confidence and Bonus for LGE Participants
The combination of a double IDO and a Liquidity Generation Event is indeed a unique launch method that the current market has yet to see. Therefore, it is imperative that the XFai community is able to clearly understand the fact that the IDO and the LGE must be considered as a single stream of events, rather than two separate events. Here is how the XFai IDO is set to provide an additional bonus for the LGE participants:
Firstly, the increased participation from the investors in the DeFi space will bring increased liquidity. With larger and stronger liquidity of XFIT powered by the XFai LGE supporters, XFIT is less likely to witness slippage. This means that the price of XFIT will not follow the so-called “pump and dump” movement that is common for new tokens during their launch. XFIT is bound to set itself as an example of a steady yet explosive launch.
Secondly, the LGE participants will receive priority in the IDO whitelisting campaign Round 2’. This allows the true believers of XFai who have supported XFIT by participating in LGE to further benefit by purchasing more XFIT tokens at 12 cents per token, most likely a discount from the price of XFIT at that point.
Thirdly, the total pool size of the IDO is bound to be significantly less than the total amount of liquidity generated during the XFai LGE. This means that while the IDO participants will be able to purchase XFIT at a price of 12 cents, the secondary actions of the IDO participants in the overall market are bound to cause almost no slippage in XFIT price due to the strong liquidity generated by the XFai LGE.
To summarize, the double IDO serves to provide a fairer opportunity for everyone to get involved with XFai while providing further opportunity for the LGE participants to compound their earnings while providing little to no downside for XFIT. The team at XFai believes that this is a win-win scenario for the entire XFai community, and a truly unique opportunity that should not be missed by those looking to benefit from reduced gas fee, APY reaching over 500%, and an additional chance to purchase more XFIT at a discount.
We believe the combination of XFai LGE and the XFIT double IDO provides a once-in-a-lifetime opportunity for the XFai community. We invite everyone to participate in this industry-first event that will embellish a page in blockchain history.
About XFai
XFai develops tooling for the DeFi space, graphing it to build game-changing products. The XFai DLO is set to invite mid and small-cap tokens to start earning APY on their token holdings, while the XFai LGE is set to become industry-first in providing a more efficient, transparent, and fair way for everyone to get involved at an early stage. The LGE for XFai’s native token, XFIT, is set to launch on 15th April 2021. We invite everyone to join the DeFi revolution, spearheaded by XFai.
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